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Bank fashion retailer enters administration

GEORGE Osborne’s “recovery” claims took another hammer-blow in northern Britain yesterday as a retail fashion chain went into administration threatening 1,500 jobs.

Bank, which is based at Bury in north-west England, operates 84 stores mainly in the Midlands, northern England and Scotland.

Founded by Andy Scott — a former Macclesfield Town footballer — in 1994, Bank largely sells branded fashion items marketed at young people.

JD bought the chain for £18.5 million in 2007.

In November it sold the business to HMV owner Hilco, a retail turnaround business, under undisclosed terms.

Deloitte was appointed administrator yesterday after a review of Bank determined that a solvent turnaround was not possible.

The chain continues to trade while Deloitte looks for a buyer for the business.

The company’s collapse comes a week after parcel courier firm City Link went bust, with the loss of at least 2,400 jobs.

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